Mineral Resource Estimate Methodology
The mineral resource estimate presented in Table 1 above has an effective date of April 2, 2013 and was supervised and prepared by Mr. Andrew Hilchey, P.Geo., an Independent Qualified Person as defined under National Instrument 43-101, who is employed by Mercator Geological Services Limited ("Mercator") of Dartmouth, Nova Scotia, Canada.
The Golden Ridge gold deposit occurs in a locally sheared, sericite-carbonate +/- albite altered dacitic volcanic complex in direct association with zones of discrete quartz veins, quartz stockworks and quartz breccias. Arsenopyrite, pyrite and minor amounts of stibnite are associated with gold mineralization.
The April 2, 2013 mineral resource estimate is based on a three-dimensional block model developed using Gemcom Surpac® 6.1.4 modeling software and validated results of 16,001 meters of diamond drilling from 85 drill holes carried-out between 1999 and 2011. Block model grades were interpolated using either inverse distance cubed (ID3) or nearest neighbor (NN) methodologies. ID3 interpolations used 1.0 meter downhole gold assay composites and NN interpolations used gold assay composites weight-averaged over mineralized domain drill hole intercept lengths. No capping of assay composite gold grades was carried out. Block size was 5 meters (x) by 5 meters (y) by 5 meters (z) with sub-blocking at 2.5 meters (x) by 2.5 meters (y) by 2.5 meters (z).
Grade interpolations were constrained within grade shell wireframe solids (peripheral constraints) developed from assay composite sectional interpretations and a minimum qualifying downhole assay composite gold grade of 0.20 g/t over 5 meters. Grade solids were extended either half the distance to the next drill hole or 50 meters along dip and strike from the last drill hole intercept. The resource model contains seventy-six grade interpolation solids, thirty-three of which trend north-northeast and dip vertically to sub-vertically. The remaining forty-three trend west-northwest and dip moderately north-northeast. Resources primarily occur within a dacite volcanic unit.
ID3 interpolation methodology was applied to forty-nine solids intersected by more than one drill hole and NN methodology was used for the remaining twenty-seven interpolation solids that contain single drill holes. Block gold grades were interpolated using search ellipsoids having major and semi-major axis ranges of 125 meters and minor axis ranges of 12.5 meters. The number of included assay composites for each valid block ranged from 3 to 12, with no more than 4 assay composites allowed from a single drill hole. A specific gravity factor of 2.69 grams per cubic centimeter was assigned to all blocks and is based on averaged results of 79 specific gravity determinations for the dominant host dacite volcanic lithology. All resources are designated as being in the Inferred category. The resource statement cutoff grade of 0.35 g/t gold reflects reasonable potential for open pit development based on a 3 year trailing average gold price of $US 1,494/ounce gold.
A complete technical report on the Golden Ridge Property describing in detail, among other things, the updated resource estimate, QA/QC results, database validation and geologic model, will be filed on SEDAR within 45 days of this news release.
Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of Portage, is designated as the Qualified Person under National Instrument 43-101 who has reviewed and approved the contents of this press release for Portage. Andrew Hilchey, P.Geo., Resource Geologist at Mercator, has reviewed and approved the portion of this news release pertaining to the resource estimate.
Portage Minerals Inc. is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the Company's website at www.portagemineralsinc.com and on the SEDAR website at www.sedar.com. The common shares of Portage trade on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".
To receive Company news releases via e-mail, please advise firstname.lastname@example.org and specify "Portage News" in the subject line.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Portage undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The CNSX has not approved and does not accept responsibility for the adequacy or accuracy of this news release.
Portage Minerals Inc.
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